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Arif Habib Consortium takes over PIA management as govt formally completes privatisation process
The deal includes Rs125 billion in fresh capital and a total investment commitment of Rs180 billion, officials said.
- On Monday, Pakistan International Airlines officially transitioned to new management under PIA Equity Ltd, a special purpose vehicle of the Arif Habib Consortium, completing the privatization process.
- The Privatisation Commission finalized the transfer after satisfying 40 rigorous conditions precedent under the Share Purchase and Subscription Agreement , including regulatory approvals and aviation policy reforms.
- Fresh capital of Rs125 billion will modernize the airline as part of a Rs180 billion total commitment, with Fatima Fertiliser holding 34.1% ownership and Fauji Fertiliser holding 33.9%.
- Lt Gen Anwar Ali Haider of Fauji Foundation was appointed first chairman of the privatized entity, emphasizing the airline will honor its heritage while building modern aviation experience.
- Within 12 months, the consortium holds a call option to purchase the remaining 25% of shares for an additional Rs45 billion payment to the Government of Pakistan.
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PM welcomes PIA’s first financial closing, congratulates nation
Prime Minister Muhammad Shehbaz Sharif on Monday welcomed the First Financial Closing of Pakistan International Airlines Corporation Limited (PIACL) and greeted the nation on this historic milestone in the privatization history of Pakistan.
·Lahore, Pakistan
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Govt formally transfers management control of PIA to Arif Habib consortium
The Privatisation Commission of Pakistan has completed the initial closing of the Pakistan International Airline Corporation Limited (PIACL) divestment, officially transferring management control to the investor consortium led by Arif Habib Corporation Limited. Following the transition, Lt Gen (retd) Anwar Ali Hyder has been appointed as the new PIACL Chairman. The transaction follows the fulfillment […] The post Govt formally transfers manageme…
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